Indian Overseas Bank is a benchmark amongst the public sector institutions which was established to conduct foreign exchange businesses and trade finances. Shree M.Ct.M. Chidambaram Chettyar founded IOB in 1937 where three of its branches were inaugurated simultaneously namely in Chennai and karaikudi in India, followed by Rangoon in Myanmar and Penang in Malaysia.
At loanbaba.com, we will share updated information about best fixed deposit rates, FD India schemes of the bank and Indian Overseas Bank FD rates over all tenures for fixed deposit and term deposit. You will also come to know about popular FD rates, India by the bank for 2017 and FD interest rates that are the highest.
For the holding period ranging from one week to one year, IOB offers different rates varying from 4%-6.25% per annum. The shortest holding period of 7-14 days can avail the interest rate of 4% where the minimum deposit of Rs 1 lakh is necessary. Moreover, for the tenure of 15 days to three months, the returns are pegged at 4.5% per annum.
And, for the holding period from three months to four months, the rate of interest calculated is 5%, and it remains same at 5% for the tenure of four months to six months. However, it is extended by 0.75% to 5.75% for the holding period ranging from six months to nine months. The highest rate of 6.25% can be availed for the tenure ranging between nine months to one year.
The maximum return of 7.25% can be availed for the holding period of one year and above.
The interest rates for the senior citizens of India range between 5%-8.75% per annum for the deposits ranging from one week to one year. The senior citizens can avail the return of 5% for their tenure ranging between 7-14 days, but the minimum deposit of Rs 1 lakh is necessary. However, the interest rate remains the same at 5% for the tenures of 15 days to three months.
Moreover, it is increased to 7.25% per annum for the holding period of three months to four months and is increased by 0.5% to 7.5% for the fixed deposit tenure of four months to six months. On the other hand, for the tenure of six months to nine months, the rate of interest calculated is 8.25%, and it becomes 8.5% per annum for the tenure of nine months to one year.